How to Choose a Financial Advisor When You Have $2M or More

When families with $2M or more begin searching for a financial advisor, they typically ask about returns, fees, and credentials. While these matter, they are rarely the factors that determine whether a relationship will be successful long-term.

The first question to ask is about the advisor's fiduciary obligation. A fiduciary is legally required to act in your best interest - not just recommend "suitable" investments. I operate under a fiduciary standard, always.

The second question is about how the advisor is compensated. Fiduciary advisors who charge only a percentage of assets under management have fewer conflicts of interest than commission-based advisors who earn money from product sales. Transparency in fees is non-negotiable.

Third, consider the advisor's technology and operational infrastructure. Can you see your portfolio in real time? Does the firm offer automated tax-loss harvesting? Can you message your advisor directly, or do you go through a call center? These operational details directly impact the quality of service you receive.

Fourth, evaluate the advisor's capacity. An advisor managing 300+ client relationships cannot provide the same level of attention as one managing 50-75. Ask directly how many clients they serve and how often you can expect proactive outreach.

Finally, assess the team behind the advisor. Even the best individual advisor needs institutional support - research, compliance, trading operations, and technology. The right combination of personal attention and institutional backing is what separates exceptional wealth management from the rest.